LONDON--(BUSINESS WIRE)--The global automotive interiors market is expected to post a CAGR of over 7% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of this market is the growing demand for aesthetic interior applications in compact and mid-sized cars. The high penetration of compact and mid-sized cars across the developing countries in APAC and South America is attributed to be the prominent factor driving the demand for an affordable means of personal transport. Additionally, vehicle buyers in Europe increasingly prefer mid-and compact-sized vehicles as they are fuel-efficient. The presence of numerous competitors in the mid-sized and compact vehicle segments is driving the car manufacturers to offer aesthetic automotive interiors in compact and mid-sized cars to attract buyers. Thus, all these factors will drive the need for advanced automotive interior applications in the compact and mid-sized vehicle segments during the forecast period.
This market research report on the global automotive interiors market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing use of carbon fiber in automotive interiors as one of the key emerging trends in the global automotive interiors market:
Global automotive interiors market: Growing use of carbon fiber in automotive interiors
Carbon fiber is a light material with increased tensile strength, which makes it a good replacement for metal within various automotive interiors. Increased prices of carbon fiber and the corresponding increase in its production cost is the main factor restricting the extensive use of carbon fiber in automotive interior components. The carbon fiber material is manufactured by using the method of carbonization that involves heating polyacrylonitrile.
“Carbon fiber was mainly used in high-performance cars like hypercars, supercars, and certain luxury vehicles. The use of carbon fiber allows suppliers to reduce the overall weight of the component by 20%. Increased procurement and recycling costs associated with carbon fibers are limiting its use in automotive interior applications. However, suppliers are increasingly using small amounts of carbon fiber along with other types of plastic polymers for manufacturing various automotive interior components without causing a significant increase in production costs,” says a senior analyst at Technavio for research on automotive components.
Global automotive interiors market: Segmentation analysis
This market research report segments the global automotive interiors market by geographical regions (APAC, EMEA, and the Americas).
APAC led the market in 2017 with a market share of nearly 55%. This region is expected to dominate the market through 2022, however, there will be a decrease in its market share by over 1%.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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